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I need you clever people out there to answer
my question .
what does " property to let" mean?
Does it mean " for sale" or " for rent"
Can you ... |
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 Do you think this offer for a home is to low or insulting? |
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 What can young couples do about soaring houseprices? |
Me and my boyfriend really want to move out of our parents houses and get a place of our own.
House prices are massive and we simply cannot afford to get on the property ladder. I've been ... |
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chris64730 | Question from a First time buyer |
I've not bought a house yet but me and a friend of mine are possibly thinking buying a somewhere to live (i dont think anything will happen yet), what id like to know if theres something that me and my friend could sign which would protect me or my friend if 1 of us had to move out, when i say protect i mean if my friend were to move out he would have to pay say 2 months rent(or whatever) so its payed until i could find a new tenant, i know they exist for students sharing a house while at uni and thats why im asking |
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Carol1841
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Are you in the UK? If so, then yes, there is a document you can have drawn up. Not sure whether the rules are the same in the US. When you find a house to buy, ask your solicitor to draw up a Trust Deed. This sets out in legal form what proportion of money you have each put into buying the house, together with the amount of mortgage (I assume you are referring to mortgage rather than rent if you are actually buying the house?) This Deed would also stipulate what would happen if one of you were to move out, meaning that mortgage payments would need to be covered.
You would need to discuss with your solicitor as to precisely what would need to be included in the deed. |
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chatsplas
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. . .go see a real estate attorney and get something drawn up. . . .
it's like a prenuptial agreement, and a very good idea BEFORE you buy
but it's different issues (from student rentals) if you two BUY property together, there's the down payment and any accumulated equity and increase or decrease in property value |
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probablygraham
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I think you're a bit confused about what buying a house means if you think your friend would have to pay 2 months rent when moving out.
You would basically have to get a joint mortgage and if one of you decided to get out of it, you would have to re-mortgage the house. Unless you are earning very good money, that would be very difficult.
I think you should have a word with a solicitor and/or a bank. I don't think you've quite understood what buying means. |
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efflandt
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You don't say what country you are from, but here in the states, any agreements for real estate have to be in writing. So you should have some written agreement about what happens and how things will be divided up if one of you splits. If you are both on the loan and one of you wants to keep the home, that person would likely need to refinance in their own name at that time. |
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Zoe
 |
How about if one of you wanted to sell or no longer were friends or lost his job... it is endless. Talk to your parents before embarking on this "adventure".
Moving out is the least of your concerns.
You also need jobs, down payment money, money to close, to start up the running of the house, insurance money...
Students at uni share rented homes or homes their parents own so their child can live near campus and rent out other rooms within to make the payments.
In other words, you are about 20 steps beyond and about a mile off the path beaten to home ownership. |
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Miss Typo!
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u could go to a solicitor and get a contract drawn up and have your own terms and conditions which u would both sign and adheare to |
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diamond don
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Don't buy a house with a friend it will never work! |
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superoverdrive
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Why should you buy a house?
1. If you don't have the money to buy without a mortgage, you will end up having even less money as the mortgage costs money every month and property prices go down.
2. If you have the money to buy a house without a mortgage, there is no reason why you should buy something that looses money and is not stable...you should invest in something that is rising in value. Putting the money on your savings account is a better idea. |
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spectacular
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That is a good question.. would like to know the answer as well.. |
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charliebos
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It is not a good idea to but a house with a friend but if you insist on doing so then have your solicitor draw up a declaration of trust. |
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JoDe
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If you go to a lawyer it will cost you billable hours (the time to draw up the agreement, have it typed up, and a copy made for both of you and the attorney + any clerical time it takes) and that could be pricey. Unless they have something that they use already.
If you go to a realtor, they'll want to be the one to sell you the house. (Remember, there are no FREE rides).
So I would probably consult my homeowner's insurance agent, since you'll need to purchase that to get the house. They would know about such agreements, and may have one you can use. And it shouldn't have an extra fee or condition attached as you would be purchasing insurance anyway.
Just make sure that both of you sign and date it. The insurance agency should have a notary public who will notarize it to make it legal.
Then should you run into a problem, and your friend moves out you can go to a mediator or small claims court to enforce the agreement so you can recoup your money if you can't find a new tenant right away.
I would think twice about buying anything of great cost with a friend unless you're ready to pay the cost of losing the friendship. These transactions can get messy, and I would rather keep my friend, and find someone I know who has a relative or friend of theirs that I trust to be the co-owner.
Definitely, not worth possibly losing a friendship over. |
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Caring girl.
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Maybe. |
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Krista
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